Lang Cat ‘DeadX talks’ event and 2018 awards
We were delighted to receive an award this week at Lang Cat’s 2018 conference, DeadX 5. If you know that this event takes place in a spooky crypt, DeadX makes a lot more sense! Well known in the industry for their founder Mark Polson’s charismatic, challenging style and their colourful marketing, Lang Cat are perhaps the UK platform and proposition consultants with the deepest interest in the nuts and bolts of the actual, underlying technology that holds the industry together. To collect this award from the Lang Cat therefore is much appreciated by Parmenion, as we don’t outsource technology to third parties, but have built and continue to develop our own.
Suitability and trust
The key note theme of DeadX 5 was trust, how to generate it, what kills it and how to measure it. A panel of distinguished speakers offered their views and some case studies about where and when things go well or badly.
Paul Resnik, Plan Plus Global/Finametrica, who provide planning software and risk profiling systems, stressed the importance of deepening the client/adviser conversation in the build up to the moment of informed consent, his test for quality in the advice process.
Dr Greg B Davies, Oxford Risk, one of the UK’s top 10 risk profiling systems, is an established expert on the behavioural aspects of the advice process and author of “Behavioural Investment Management: an Efficient Alternative to Modern Portfolio Theory”. He pointed out how framing questions can impact on the way they are answered. A different wording can change the balance of answers in a large sample by up to 30%. People are sensitive to this and wary of ‘loaded’ or ‘closed end’ questioning.
Lang Cat introduced the trust theme with their concept of the Trust Battery, which discharges twice as fast as it charges up, and put forward their own Trust Manifesto.
The Lang Cat Trust Manifesto
1# be transparent
2# be respectful
3# be engaged
4# don’t mess about
5# don’t screw up
Lang Cat’s State of the Nation
Next week sees the publication of a significant piece of research from Lang Cat undertaken with over 200 advisers. The aim of this research is to take the temperature of attitudes to proposition, and in particular retirement. This will be covered in a future email, but one detail we are allowed to share is that over 80% of advisers now consider themselves to be operating a CIP. Supporting this trend has been Parmenion’s guiding focus over the last decade. We expect the conversation to shift even more onto the retirement challenge looking to the future.
The 2018 Lang Cat Awards
|Best for accumulation (simple needs)||Parmenion|
|Disruptor of the year||Next Gen Planners|
|Platform of the year||AJ Bell|
|Best for accumulation (complex needs)||7IM|
|Best for retirement income||Zurich|
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